October’s New York City multifamily market numbers are in, and they show a general decline from September’s robust volume. The October figures do, however, appear consistent with Q3. Quarterly numbers are less sensitive to outlier deals and give a better indication of long-term trends in the asset class.

In October, Manhattan stood out among boroughs, leading the city in dollar volume.

For the month, NYC saw 42 transactions, with 52 buildings changing hands for a total of $760M.

Compared to September, a month that saw 49 transactions of 83 buildings totaling $1.2B, October transaction volume was down 14%, while building volume and dollar volume fell 37% and 34%, respectively. Click through for the Ariel Property Advisors borough-by-borough breakdown of the data.

Manhattan

Manhattan saw $547M in multifamily from 13 transactions consisting of 14 buildings. Much of the dollar volume was driven by institutional money, such as the $173M sale of 21 West 86th St, a 155-unit elevator mixed-use building on the Upper West Side, for $1,200/SF and $1.1M per unit.

A flurry of smaller trades also took place, such as 34 Saint Marks Place in the East Village, an 11-unit, walk-up building that sold for $8.3M, or $1k/SF.

Northern Manhattan

Northern Manhattan notched $55M in sales across six transactions, 150% more than the $22M of trades in September while doubling the number of total sales.

In Hamilton Heights, a 38-unit, elevator mixed-use building at 528-530 West 136th St sold for $14.5M, or $349/SF and $382k per unit.

Brooklyn

In October, 15 properties traded hands in 11 transactions across the borough, for a total of $89.4M.

In Crown Heights, a 64-unit elevator mixed-use building at 341 Eastern Pkwy sold for $52M, at $600/SF or $813k per unit. In Flatbush, a 23-unit walk-up multifamily building at 236 East 23rd St sold for $5M, or $281/SF.

Bronx

There were 10 transactions totaling $56M in October in the Bronx, encompassing 14 buildings and 328 units.

In Woodlawn, a 60-unit elevator building at 4345 Webster Ave sold for $14.5M, which represents a price per square foot of $201 and $242k per unit. Another notable sale was in Melrose, the 11-unit walk-up building at 1190 Clay Ave, which traded for $2.6M or $239/SF.

Queens

Queens, after spending much of the year catching up to Manhattan and Brooklyn, saw only two deals totaling $13M in gross considerations in October. In Long Island City, a notable transaction took place at 29-15 36th Ave, a 40-unit walk-up mixed-use building that sold for $10M or $317/SF.

Across all boroughs, for the six months ending in October 2016, the average monthly transaction volume held at 57 transactions per month and the average monthly dollar volume decreased slightly to $1B.

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